Dyson Company
Regardless of the number of funds allocated and how well-executed and screened an idea is, it must be transformed into a product or service that generates income. In Dyson Company, idea diffusion was significantly focused on such that the company brought in a dedicated team to produce the models, execute the market, and delegate enough funds for the process. Thus, they saw the potential of vacuum cleaners in the market; therefore, they focused on the product only instead of doing other things within the company. Most importantly, ideas that have been generated and converted require buy-in from consumers. In this case, Dyson invested heavily in marketing but also selected a pro-active team that ensured the product was of good quality before being released into the market. Hence, organizations need to back and spread new services or outcomes across customers and new geographical locations.
Furthermore, Dyson ensured that each employee within the company took the product home and tested it to its limit such that before commercializing it, the defects and strengths of this product were established. The company mitigated the possibility of any weak links from the beginning of the innovation process; thus, all flaws were reduced from the first step of product creation. It goes to show that the efforts made by a company during idea selection are futile if the subsequent stages of innovation are ineffective. Consequently, it becomes a total waste of both resources and time to develop a product or service when its quality and worth cannot stand the idea diffusion stage.
The value of innovation shows that it is a sequential process whereby managers in companies should execute a comprehensive view of their efforts in innovation to identify the specific weaknesses and implement best practices of innovation that will mitigate the setbacks. Typically, the value chain of innovation provides an end-to-end framework that ensures that a company executes six crucial activities such as external, cross-unit, and internal sourcing as well as the spread, development, and picking ideas that occur in the three phases of innovation. On the other hand, through innovation, managers in companies should identify the various bottlenecks which result in being more deliberate on the approaches and tools to be employed in innovation. Also, the value chain can enable companies to acknowledge the fact that engaging many resources on the processes of innovation can weaken the innovation stages along with its capabilities.
To enhance the process of innovation, the executive team of a company must review idea transformation as an integrated process into which outputs will be commercialized. In terms of idea generation, there are many lessons to take from Dyson Company as it outsourced ideas internally and externally. With this in mind, companies should emulate this by engaging cross-unit collaboration whereby knowledge, expertise, and insights from the company departments as well as outside to create new innovative products or services. However, it is sometimes challenging to achieve this due to centralized structures of an organization and geographical distribution. When Dyson Company planned to outsource innovative ideas, its geographic location made it challenging to accomplish this. Thus they had to move to areas that supported innovation. Also, from lessons learned from Dyson Company, other organizations need to evaluate whether credible and innovative ideas are being sourced from outside their industry and their firm. In light of this, they should tap into the knowledge and expertise of universities, suppliers, customers, investors, and other entrepreneurs.
Nonetheless, when this is poorly executed, then great opportunities are missed, and innovation productivity is decreased. On the other hand, adequate funding and commercial skills are essential in the idea conversion, as seen in Dyson Company. With enough resources, it is easy for a company to execute the transformation of ideas efficiently.
Regardless of the number of funds allocated and how well-executed and screened an idea is, it must be transformed into a product or service that generates income. In Dyson Company, idea diffusion was significantly focused on such that the company brought in a dedicated team to produce the models, execute the market, and delegate enough funds for the process. Thus, they saw the potential of vacuum cleaners in the market; therefore they focused on the product only instead of doing other things within the company. Most importantly, ideas that have been generated, developed, and converted require a buy-in from consumers. In this case, Dyson invested heavily in marketing but also selected a pro-active team that ensured the product was of good quality before being released into the market. Hence, it is essential for organizations to back and spread new services, or products across customers and new geographical locations, Furthermore, Dyson ensured that each employee within the company took the product home and tested it to its limit such that before commercializing it the defects and strengths of this product were established. The company mitigated the possibility of any weak links from the beginning of the innovation process thus all defects were mitigated from the first step of product creation. It goes to show that the efforts made by a company during idea selection are futile if the subsequent stages of innovation are ineffective. Consequently, it becomes a total waste of both resources and time to develop a product or service when its quality and worth cannot stand the idea diffusion stage.
The value of innovation shows that it is a sequential process whereby managers in companies should execute a comprehensive view of their efforts in innovation to identify the specific weaknesses and implement best practices of innovation that will mitigate the setbacks. Typically, the value chain of innovation provides an end-to-end framework that ensures that a company executes six crucial activities such as external, cross-unit and internal sourcing as well as the spread, development and picking of ideas which occurs in the three phases of innovation. On the other hand, through innovation, managers in companies should identify the various bottlenecks which result in being more deliberate on the approaches and tools to be employed in innovation. Also, the value chain can enable companies to acknowledge the fact that engaging many resources on the processes of innovation can weaken the innovation stages along with its capabilities.
To enhance the process of innovation, it is necessary for the executive team of a company to review idea transformation as an integrated process into which outputs will be commercialized. In terms of idea generation, there are many lessons to take from Dyson Company as it outsourced ideas internally and externally. With this in mind, companies should emulate this by engaging cross-unit collaboration whereby knowledge, expertise and insights from the company departments as well as outside to create new innovative products or services, However, it is sometimes challenging to achieve this due centralized structures of an organization and geographical distribution. When Dyson Company planned to outsource innovative ideas, their geographical location made it difficult to achieve this, thus they had to move to locations that supported innovation. Also, from lessons learnt from Dyson Company, other organizations need to evaluate whether credible and innovative ideas are being sourced from outside their industry and their firm. In light of this, they should tap into the knowledge and expertise of universities, suppliers, customers, investors and other entrepreneurs.
Nonetheless, when this is poorly executed, then great opportunities are missed, and innovation productivity is decreased. On the other hand, adequate funding and commercial skills are essential in the idea conversion, as seen in Dyson Company. With enough resources, it is easy for a company to execute the transformation of ideas efficiently.